§ 1735f–8. Time of payment of premium charges
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/usc/title-12/section-1735f-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In carrying out the provisions of subchapters I, II, IV, 1 VII, VIII, IX–B, and X pertaining to the payment of loan or mortgage insurance premium charges by a financial institution, other mortgagees, or agent thereof to the Federal Government in connection with a loan or mortgage insurance program established pursuant to any of these subchapters, the Secretary shall require that payment of such premiums be made
(1)in the case of loans or mortgages respecting one- to four-family residences, promptly upon their receipt from the borrower, and
(2)in any other case, promptly when due to the Secretary; except that the Secretary may approve payment of such premiums within twenty-four months of such receipt or due date, as appropriate, if the financial institution, mortgagee, or agent thereof pays interest, at a rate specified by the Secretary, to the insurance fund for the period beginning twenty days after receipt from the borrower or after the due date, as appropriate, and ending upon payment of the premiums to the Federal Government. ( June 27, 1934, ch. 847 , title V, § 530, as added Pub. L. 96–399, title III, § 320 , Oct. 8, 1980 , 94 Stat. 1646 ; amended Pub. L. 98–181, title I [title IV, § 406], Nov. 30, 1983 , 97 Stat. 1210 ; Pub. L. 101–235, title I, § 133(d)(5) , Dec. 15, 1989 , 103 Stat. 2027 .)
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8 references not yet in our index
- Pub. L. 96-399
- 94 Stat. 1646
- Pub. L. 98-181
- 97 Stat. 1210
- Pub. L. 101-235
- 103 Stat. 2027
- Pub. L. 101-73
- 103 Stat. 363
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§ 1735f–8
Time of payment of premium charges
Stat.×1
Pub. L.Pub. L. 96-399
Stat.94 Stat. 1646
Pub. L.Pub. L. 98-181
Stat.97 Stat. 1210
Pub. L.Pub. L. 101-235
Cites 8 · showing 5Cited by 1 across 1 source